Adelphia liquidating trust agreement

19 Jan

Subsidiary creditors received 100% of the face amount of their claims plus post petition interest.Creditors of the parent have received more than 70% face amount of their claims.The Trust has tried, where possible, to use words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "forecast," "initiative," "objective," "goal," "project," "outlook," "priorities," "target," "evaluate," "pursue," "seek," "potential," "continue," "designed," "impact," "may," "would," "could," "should," "will" and other similar expressions to identify forward-looking statements.Kasowitz brings a comprehensive skill set to bear in its representation of corporations, financial firms and individuals in plaintiffs-side litigation.Quest Turnaround Advisors, LLC ("Quest") was retained by the Unsecured Creditors Committee of Adelphia Communications Corporation ("Adelphia") in August 2006 as a special advisor.In February 2007, Quest was retained by Adelphia as the Plan Administrator upon consummation of Adelphia's Plan of Reorganization ("the Plan").

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In recent decisions by the Second and Third Circuits, defendants (represented by Wilmer Hale) successfully defended against such litigation on grounds that the debtor's creditors were not harmed by the challenged transactions and would not benefit if the transactions were unwound.These decisions——confirm that certain bankruptcy-law remedies exist only for the benefit of the debtor's creditors, and that where those creditors will not properly receive any benefit from a suit to enforce those remedies, the suit may not proceed.Background: Bankruptcy Avoidance Actions The Bankruptcy Code provides debtors and trustees, and in some instances creditors' committees, with the power to unwind certain transactions that the debtor entered into before bankruptcy where those transactions disadvantaged the debtor's creditors.The Trust will be terminated upon completion of the winding up activities.Interest holder inquiries regarding Trust distributions under the Plan should be directed to [email protected]